In a preliminary proxy statement filed with the U.S. Securities and Exchange Commission, Morgan Stanley (MS) disclosed that its Chief Executive Officer John Mack received total compensation of $1.24 million in 2008, including annual salary of $800,000. The company disclosed that Mack did not receive any bonus for fiscal 2008, the second consecutive year. Mack got $1.6 million in total compensation for 2007.
In addition, the New York-based company also disclosed that Mack informed the Board that, as of March 10, 2009, he will reimburse for the cost of his personal use of company aircraft up to the maximum amount permitted by federal aviation regulations. Mack's amounts for fiscal 2008 include $368,675, reflecting personal use of corporate aircraft.
The company disclosed that Co-Presidents Walid Chammah and James Gorman did not receive bonus for fiscal 2008. But, it is to be noted that other senior officials, like Chief Financial Officer, Chief Legal Officer, and Chief Administrative Officer at Morgan did receive bonuses.
Morgan Stanley's Chief Financial Officer Colm Kelleher received $7.4 million in total compensation for 2008, including $3.97 million in bonus, of which $2.91 million was paid in cash in January 2009 in British pounds sterling. This total compensation represents 65% decline from $21.02 million what Kelleher received in 2007.
Chief Legal Officer Gary Lynch received $4.01 million in total compensation for 2008, including $3.17 million in bonus, and Chief Administrative Officer Thomas Nides's 2008 pay totaled $3.14 million, including $2.34 million in bonus.
According to the filing, 2008 compensation for the 14 members of company's Operating Committee was reduced by an average of 75% and for 35 members of the Management Committee was reduced by an average of 65% from 2007.
Morgan Stanley plans to hold its 2009 annual meeting of shareholders on April 29, 2009, in Purchase, New York.
MS closed Friday's regular trading session at $20.24.
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